It is hard to believe that November is already here. The holidays will be here before we know it. Several big retailers have already announced their plans to be open on Thanksgiving Day for Black Friday shopping this year. October held true to form and was likely the most beautiful month on the Outer Banks all year. The Duck Jazz Festival drew more crowds than ever before, as did the Seafood Festival the following weekend. Our area really is becoming a popular destination much of the year. Later this month we will again host thousands for the Veterans Day weekend and the Outer Banks Marathon and the ever-popular Thanksgiving holiday.
In other news, The Sanderling Resort sold once again. The price tag was $38 million, and the buyer was New York based real estate trust Carey Watermark Investors. Management will remain the same, and future expansion is possible.
Real Estate activity has been strong this fall, and we are anticipating closing out the year on the upswing. The market has seen a 6% decrease in residential home sales this year, but condo sales are up. Inventory has also increased this fall by 14% for single family homes, but land inventory has decreased by 7%. Distressed property sales continue to decline. Interest rates remain low. We continue to remain optimistic that the market is on a slow and steady path towards recovery.
